Any thoughts?

http://www.youtube.com/watch?v=KvHbji3w7cs

my first thought would be exhaust leak. look at the manifold and head for cracks and or black sooty areas. otherwise could be the timing chain loose due to a worn/broken tensioner or guide or something let loose in the valvetrain.

Thanks for the reply overl0rd. I have already ruled out an exhaust leak. Using a stethoscope I have determined it is either coming from the exhaust side valvetrain area near the timing cover or from the timing system itself. I have already ordered a complete timing set for it. There has been a lifter tick for sometime now but not like this. The weird thing to me is that it runs fine without noise when it's first started but if it's warmed up to operating temperature it starts this. It will also do it cold if I crank it then rev it up a bit.

I finally got around to taking the car apart. I may have found the cause. There was a wad of red silicone stuck in the oil hole for the chain tensioner. I also found what appears to be contact marks between the timing chain and cover. The scratches are not deep but you can clearly tell something was hitting it.

Photo's:

Here you can see the wad of red silicone which was blocking up the oil hole:
http://i329.photobucket.com/albums/l375/doug2060/tens.jpg

Here you can see where the chain has been making contact.
http://i329.photobucket.com/albums/l375/doug2060/cover.jpg

Would this have been enough to cause all that noise?

yeah it looks pretty suspect to me. id put a new tensoiner in while you have it apart in case theres silicone stuck in the old one.

I'm probably going to replace it all...